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One of the biggest concerns I hear about UBI is where the money comes from. I think think your point about eliminating the welfare state systems is a big part o
by mrdoops 9y ago
One of the biggest concerns I hear about UBI is where the money comes from. I think think your point about eliminating the welfare state systems is a big part of the solution. Think of all the bureaucratic cruft that exists right now and how many of those resources could be diverted into more impactful areas such as paying for UBI that enables more to participate in the economic flow of goods and services. It's easier said than done, but I think a lot of the UBI's implementation costs could be covered by consolidating expensive and complicated systems into a simpler solution like UBI.
- pharrington 9y agoThe money will come from the same place money comes from now: banks. The value backing that money will come from the same place value comes from now: energy applied to capital. Given that the whole reason money and capital even came to exist in the first place is that humans have some compulsive drive to do relatively complex things once their basic, life sustaining needs are met, there's very little rational reason to be worried about less value being produced in a post UBI world. One very good reason to keep (not necessarily in their exact current forms, mind you) the current bureaucracies involved in housing, health care, etc, is that that bureaucracy factors out the energy involved in obtaining those life sustaining societal structures. Certainly make the bureaucracy more efficient, but entirely eliminating it makes the society as a whole less efficient.
- maneesh 9y agoI'm confused about the downvotes you're receiving. You're right. The fractional reserve, and especially derivatives, has created trillions of dollars in the last decade. See here for a visualization of the world's money supply: http://money.visualcapitalist.com/all-of-the-worlds-money-and-markets-in-one-visualization/ http://money.visualcapitalist.com/all-of-the-worlds-money-an...
- deleted 9y ago[deleted]
- resf 9y agoIf I buy a grain of sand from you for $10, have I just massively expanded the number of dollars in existence? Market capitalisations != money.
- pharrington 9y agoMarket capitalization general corresponds with the amount of debt a company is able to take on, and the creation of debt literally is the creation of money.
- maneesh 9y agoYes. If you create an etf or stock index or public stock, you have massively created the number of dollars in existence.